Fri.Jan 17, 2025

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The High Cost Of Not Keeping Up With Your Bookkeeping

Randal DeHart

If you ask 100 business owners what they like least about running a business, bookkeeping will likely rank high. It's an annoying and frustrating chore that takes up much time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your construction company's financial situation can result in missteps that could ultimately cost you your business.

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IRS Chief Danny Werfel to Resign on Jan. 20

CPA Practice

Werfel took over as chief of the tax agency in March 2023 and is stepping down on Inauguration Day with three years left in his term.

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Werfel resigns as IRS commissioner

Accounting Today

IRS commissioner Danny Werfel announced plans Friday to resign next Monday, Jan. 20, coinciding with Inauguration Day.

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In Memoriam: Al Dale, Founding Partner of DMCL

DMCL

It is with deep sadness that we announce the passing of our dear friend, colleague, and founding partner, Al Dale, on January 6, 2025. Als leadership and unwavering dedication have been at the heart of DMCL since its earliest days, and his influence on our firmand on everyone who had the privilege to work alongside himcannot be overstated. Throughout his remarkable career, Al helped shape DMCLs culture of collaboration, mentorship, and exceptional client service.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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IRS to test faster dispute resolution

Accounting Today

Three pilot programs aim to increase the use of 'fast-track settlement' in the agency's different divisions.

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Grassi Joins Global Association of Accounting and Advisory Firms

CPA Practice

The top 60 accounting firm has joined PrimeGlobal, an association comprised of more than 300 independent member accounting and advisory firms in over 113 countries with a combined revenue of $5.4 billion.

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It’s 2025: Are You Too Late to the AI Party?

Withum

The constant waves of hype about artificial intelligence have left many business leaders asking themselves an increasingly urgent question: “Have we missed our chance?” With headlines trumpeting AI successes and competitors announcing ambitious AI initiatives, it’s easy to feel like you’re falling behind. But before you rush to implement AI solutions out of FOMO (fear of missing out), let’s examine why “too late” is a relative concept and why thoughtful

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IESBA, IAASB near launch of global sustainability assurance standards

Accounting Today

The International Ethics Sustainability Board for Accountants said its Global Ethics Sustainability Standards have been certified by the PIOB and IOSCO.

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Prepping for Busy Season When the Time to Prepare Has Run Out: A 5-Step Action Plan

CPA Practice

If you move quickly now, there is still much you can do to make sure your team has the resources and mindset to tackle this intense work period with gusto and help your CPA firm deliver high-quality service to clients.

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On the move: LLME adds audit partner

Accounting Today

Two leaders exit SEC; Illinois CPA Society welcomes largest class of Mary T. Washington Wylie Internship Preparation Program scholars; and more news from across the profession.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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KLR Merges in Sullivan Bille in Massachusetts

CPA Practice

With this expansion, KLR will now operate three offices in the Greater Boston area, enhancing the top 100 accounting firm's ability to serve clients across the region.

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Understanding and Diagnosing VEXAS With the VEXAS Foundation

Withum

What is really valuable is having awareness among the medical profession and awareness among patients who are affected or may be affected [by VEXAS]. Explore Other Episodes #CivicWarriors #WithumImpact The post Understanding and Diagnosing VEXAS With the VEXAS Foundation appeared first on Withum.

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GBQ Adds Wirth Lowe Wissemeier CPAs in Ohio

CPA Practice

The Columbus, OH-based top 100 accounting firm acquired Cincinnati-based CPA firm Wirth Lowe Wissemeier CPAs, effective Dec. 16, 2024.

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Software Tax Deduction: Can You Deduct the Cost of Software for Your Business?

Patriot Software

Millions of businesses use at least one small business software platform to do everything from running payroll to managing customer relationships. Software can simplify processes, save time, and ensure accuracy. But the more systems you use, the greater your costs. Can you take a software tax deduction to offset your expenses?

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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Tech news: CPA.com announces updates to Dynamic Audit Solution

Accounting Today

Plus, Corecentric enhances its International Tax Management Engine; and other accounting tech news and updates.

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Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101

CTP

One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. Our clients should know the reasons they might be selected for an audit, how they will find out they are being audited, and what an IRS auditor might ask for.

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Lifestyle Analysis in White Collar Criminal Defense

FraudFiles

Both civil and criminal cases often involve an element of proving or disproving income of an individual or business. It is not unusual for a divorce case to include allegations of hidden income or assets. In contract disputes alleging the loss of sales or profits, an accurate determination of income is critical. In criminal cases, [.

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Top Remote Accountants of the Week | January 17, 2025

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Chinese Hackers Accessed Yellen’s Computer in Treasury Breach

CPA Practice

The attackers also hacked the computers of two of Janet Yellens lieutenants, Deputy SecretaryWally Adeyemoand Acting Under SecretaryBrad Smith, and some unclassified files were accessed.

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The McCloud Remedy explained & how it impacts on public sector pensions

Wellers Accounting

Jonny Tetsell explains the McCloud remedy, its impact on public sector pensions, the key considerations, and potential complex tax implications.

Tax 52
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Brady Martz Adds Green & Miller in Texas

CPA Practice

The Grand Forks, ND-based top 100 firm has expanded its automotive dealerships team and footprint with the addition of Corinth, TX-basedfull-service accounting firm Green & Miller PC.

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Failure to prevent fraud: not just the criminal implications?

Menzies

Menzies LLP - A leading chartered accountancy firm. Much has been written about Section 199 of the Economic Crime and Corporate Transparency Act. Rightly so. It is a significant piece of legislation. In introducing a new corporate offence of failure to prevent fraud, the Section 199 allows prosecutions against corporates for allowing a fraud to happen.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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Exploring CES 2025 – The Accounting Technology Lab Podcast – Jan. 2025

CPA Practice

Randy Johnston and Brian Tankersley, CPA, explored CES 2025 in Las Vegas in January. In this podcast, they highlight some of the most interesting and useful technologies they saw on display.

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Steps to take as bonus depreciation phases down

Accounting Today

As we enter the beginning of 2025, bonus depreciation continues to leverage down as more portions of the Tax Cuts and Jobs Act expire.

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Sens. Rosen, Cruz Re-Introduce Bipartisan ‘No Tax on Tips’ Bill

CPA Practice

During the election cycle, President-elect Donald Trump campaigned on the promise to eliminate taxes on tipsa policy he first introduced during a rally in Las Vegas.

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George Washington’s First Inauguration

Withum

Next week, Donald J. Trumps second inauguration will take place. He will become our 47 th president. I want to use this occasion to look at the first inauguration of an American president, George Washington, which took place on April 30, 1789. The first Congress under the United States Constitution convened onMarch 4, 1789, at Federal Hall in New York City, the location of our countrys first capital.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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Treasury Nominee Warns of ‘Devastating’ Consequences if Tax Cuts Lapse

CPA Practice

Taxes and tariffs took center stage Thursday at a hearing for President-elect Donald Trump's intended Treasury secretary nominee Scott Bessent.

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Ex-PwC CEO Outdoes the Tax Scandal With a Dick Pic Scandal

Going Concern

PwC Australia is in the news again for yet another scandal though this time there won’t be any regulators up their asses about it because the scandalee is their former CEO Luke Sayers. Sayers was CEO when tax partner Peter Collins was sharing confidential government information with other partners for the purposes of client tax-dodging however he had left the position by the time Australian Financial Review ruthlessly began to put a spotlight on the happenings in 2023.

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Reconciliation Debate to Test ‘Tax Cuts for the Rich’ Narrative

CPA Practice

Washingtonis poised once again to return to united Republican control, and theGOP is preparing to extend the Tax Cuts and Jobs Act paired with deep cuts to federal programs that lower-income households rely on, such as Medicaid.

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IRS Audits 101: Could it Happen to You and How to Prepare

CTP

An IRS audit can happen to anyonebut this is not an invitation to panic. With enough advance preparation, you can sail through an audit with surprisingly little stress. The first step in this preparation process is to make sure you understand the basics: what are the reasons you might be selected for an audit, how will you find out you are being audited, and what might an IRS auditor ask you for?

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.